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George Spencer

September 23, 2021

Robinhood’s Crypto Wallet Set To Roll Out Next Month

Popular cryptocurrency investment app Robinhood announced today that it will commence testing of its crypto wallets among selected clients by next month. 

The crypto wallet will allow Robinhood customers to send, receive, and transfer supported cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) to and from the brokerage platform. 

“This is a natural next step for us when we think about democratizing finance for all, being able to have a lot more people from a lot of different contexts participate in this emerging market, and wallets are the key,” Aparna Chennapragada told Reuters in an interview

Robinhood Bows to Customers’ Demands 

The development comes as Robinhood customers took to different social media platforms to demand that the trading platform provide crypto wallets, which would grant them actual ownership of the cryptos, instead of only exposing them to the assets’ price movements. 

Based on customers’ incessant demands, Robinhood has finally bowed to pressure, as its crypto wallets trial will commence by next month. 

The cryptocurrency wallet test will involve only a few customers, and will be chosen from a waitlist created to grant some people early access to the crypto storage app. 

Robinhood is also planning to select some of the respondents from its upcoming survey that will be launched exclusively for its cryptocurrency customers, which makes up about 60% of the firm’s 21.3 million active users, to the early testers list. 

Notably, as testing kicks-off, Robinhood said it will be publishing users’ feedback about the crypto wallets on its Twitter page. 

Should everything go according to plan, Robinhood may conduct a broader roll out by early next year. 

Also Read:  New York fines Robinhood Crypto $30 million

Wallet to Feature Multiple Security Tools

With numerous reports of cryptocurrency heists flooding the internet over the years, Robinhood noted that it has taken time to develop crypto wallets to have the necessary features, including multi-factor authentication, identity verification, etc., to keep its clients users safe. 

“One of the things we’ve been trying to do is make sure that this is built safely, built securely,” Chennapragada added.